- USD/INR consolidates recent gains, takes a U-turn from 200-bar SMA, five-week-old resistance line.
- MACD also eases to justify the pullback, monthly top adds to the upside barriers.
USD/INR reverses early-Asia gains while recently declining to 72.84, down -0.10% intraday, during the initial Indian session on Wednesday. In doing so, the quote takes a U-turn from 200-bar SMA while extending the downside below the falling trend line from January 11.
Also supporting the latest downtick could be the receding conditions of the bullish MACD signals.
That said, USD/INR sellers eye the one-week-old horizontal support retest, at 72.68, ahead of challenging the monthly low, also the lowest since March 2020, near 72.50.
Although a corrective pullback is anticipated around the mid-72.00s, any further weakness might not hesitate to challenge the early 2020 top near 72.20.
Alternatively, an upside clearance of 200-bar SMA, at 73.01 now, will eye for the monthly peak surrounding 73.20.
Also acting as a buffer to the previous month’s high of 73.56 is the mid-January top near 73.30.
Overall, the USD/INR sellers should remain hopeful unless the quote refreshes the monthly top.
USD/INR four-hour chart
Trend: Bearish
Credit: Source link
